Alibaba tells investors its overhaul will make the business more 'agile' with market changes

Zhang added that the group has been working on Alibaba's "transformation" for years, and that the separation of the entities will eventually lead to a shift in the relationship with its businesses.

When asked about the timeline of Alibaba's restructuring, Zhang said the "strategy and business planning for the business groups will commence immediately."CFO Tony Xu said separating Alibaba's entities would allow it to determine the performance of each business. CreditSights in a Wednesday note said the Chinese government could implement similar strategies in other large technology companies.

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